EURUSD could target 1.16000 as a consolidation move! There is no doubt that EURUSD is trending lower, however it is completely in an oversold territory as the 4H RSI is indicating bullish divergence. Therefore this pair can be said to be in a consolidation phase. For this trade criteria to be met, the trendline needs to breached, after which the weekly pivots should be evaluated and a long trade can be placed depending on the RR. This might occur this week or next week. The initial target for this pair would be 1.16000 area (present of another descending trendline). However shall this target HIT, we can expect this pair to resume its downtrend towards the monthly psychological support of 1.15000.
Shall there be any updates regarding trade entry, i will post them in this thread.
